[Zhou investment view]:
(1) the project of "counting from the east to the west" was officially launched. We believe that from the perspective of investment order, the "counting from the east to the west" first needs to further consolidate the network foundation and will take the lead in benefiting the optical fiber and cable, optical devices, network equipment and other sectors; Secondly, the clear planning of 8 hubs and 10 clusters is expected to further improve the disorderly competition pattern of IDC supply side. At the same time, the green development of IDC will benefit the development of upstream refrigeration and heat dissipation enterprises;
(2) Haifeng track has a long-term high growth. Submarine cable is the most deterministic link in the industrial chain. It has the characteristics of high competition barriers, relatively stable competition pattern and small downward space for price. It is optimistic about the growth space of submarine cable leader for a long time;
(3) aspeed's monthly revenue data continued to pick up, with a year-on-year growth rate of 61% in January 2022. In addition, the Q4 capital expenditure of the five cloud giants in North America generally maintained a rapid growth rate in 2021. The overall expectation for 2022 is relatively optimistic, and we judge that the cloud industry chain is expected to gradually recover.
[industry dynamics & investment perspective]:
The "digital economy" project was officially launched. Recently, the national development and Reform Commission, the central network and information office, the Ministry of industry and information technology and the National Energy Administration jointly issued a notice to realize the planning of 8 hub nodes and 10 national data center clusters, and the "counting from the east to the west" project was officially launched. We believe that from the perspective of investment order, "counting from the east to the west" first needs to further consolidate the network foundation and will take the lead in benefiting the sectors such as optical fiber and cable, optical devices and network equipment; Secondly, the clear planning of 8 hubs and 10 clusters is expected to further improve the disorderly competition pattern of IDC supply side. At the same time, the green development of IDC will benefit the development of upstream refrigeration and heat dissipation enterprises. Key recommendations: [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], [ Shanghai Baosight Software Co.Ltd(600845) ], [ Beijing Sinnet Technology Co.Ltd(300383) ], etc; Focus on: [ Eoptolink Technology Inc.Ltd(300502) ], [ Zhongji Innolight Co.Ltd(300308) ], [ Guangdong Aofei Data Technology Co.Ltd(300738) ], [ Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) ], [ Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) ], [ Shenzhen Envicool Technology Co.Ltd(002837) ], [ Kehua Data Co.Ltd(002335) ], [ Shanghai Athub Co.Ltd(603881) ].
[industrial Internet / intelligent manufacturing] the Ministry of industry and information technology unveiled the list of intelligent manufacturing demonstration factories in 2021, and intelligent manufacturing has great potential. On February 18, 2022, the Ministry of industry and information technology, the national development and Reform Commission, the Ministry of Finance and the State Administration of market supervision jointly announced two lists of units and excellent scenes of intelligent manufacturing demonstration plants in 2021. China has a good manufacturing foundation. In the future, with the technological progress of enterprises and the further opening of ecology, China's intelligent manufacturing is expected to usher in an accelerated development stage. Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zhejiang Supcon Technology Co.Ltd(688777) ], [ Nancal Technology Co.Ltd(603859) ], [ Guangzhou Sie Consulting Co.Ltd(300687) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], etc; Focus on: [ Beijing Kingsoft Office Software Inc(688111) ], etc.
[Internet of things] 5g module is progressing smoothly, and the Internet of things industry is expected to accelerate its development. Meig Smart Technology Co.Ltd(002881) cooperate with zhanrui to release 5g module srm821 to help qianhang Baiye digital transformation and upgrading. Srm821 is equipped with zhanrui Tanggula v510 domestic baseband chip, so it can be widely used in FWA, industrial Internet, power, Internet of vehicles, HD video, telemedicine, smart city and other vertical industries; Fibocom Wireless Inc(300638) 5gsub6ghz module fm160-eau has obtained Brazil Anatel certification, helping Brazilian customers quickly deploy 5g terminal equipment in the fields of industrial interconnection, smart power and smart medical treatment, and promoting the landing of 5g module in overseas market. Key recommendations: [ Fibocom Wireless Inc(300638) ] (vehicle module leader), [ Meig Smart Technology Co.Ltd(002881) ] (vehicle module cutting-edge enterprise), [ Queclink Wireless Solutions Co.Ltd(300590) ] (vehicle terminal leader in the intelligent era of electric two wheeled vehicles), [ Quectel Wireless Solutions Co.Ltd(603236) ] (vehicle module leader), etc.
[sector trend]: this week (2.14-2.18), in the Shenwan industry, the communication (Shenwan) index rose 2.14%, ranking second in the TMT sector, with a dynamic P / E ratio of 38.55 and second in the TMT sector. In terms of net inflow of land stock connect, the top five inflow include China United Network Communications Limited(600050) (19.03 million shares), Beijing Sinnet Technology Co.Ltd(300383) (4.25 million shares), Hengtong Optic-Electric Co.Ltd(600487) (4.21 million shares), Wangsu Science & Technology Co.Ltd(300017) (3.81 million shares), Shenzhen H&T Intelligent Control Co.Ltd(002402) (2.31 million shares); In terms of net outflow of LST, the top five outflows include Sumavision Technologies Co.Ltd(300079) (- 4.5 million shares), Fujian Star-Net Communication Co.Ltd(002396) (- 2.89 million shares), Jiangsu Zhongtian Technology Co.Ltd(600522) (- 2.78 million shares), Shenzhen Topband Co.Ltd(002139) (- 2.36 million shares) and Jiangsu Hoperun Software Co.Ltd(300339) (- 2.08 million shares).
[key points of this week] Shanghai Baosight Software Co.Ltd(600845) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Unisplendour Corporation Limited(000938) , Fibocom Wireless Inc(300638) , Meig Smart Technology Co.Ltd(002881) , Queclink Wireless Solutions Co.Ltd(300590) , Quectel Wireless Solutions Co.Ltd(603236) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Zhejiang Supcon Technology Co.Ltd(688777) etc.
[key companies] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) , Foxconn Industrial Internet Co.Ltd(601138) , Zhejiang Supcon Technology Co.Ltd(688777) , Anhui Ronds Science & Technology Incorporated Company(688768) , Dongguan Yiheda Automation Co.Ltd(301029) , Shenzhen Invt Electric Co.Ltd(002334) , Shanghai Weihong Electronic Technology Co.Ltd(300508) , Guangzhou Sie Consulting Co.Ltd(300687) , Nengke shares, Zte Corporation(000063) , Unisplendour Corporation Limited(000938) ); New energy & Intelligent networked vehicle (optical lens: Sunny optics, Lianchuang Electronic Technology Co.Ltd(002036) , Dongguan Yutong Optical Technology Co.Ltd(300790) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Crystal-Optech Co.Ltd(002273) ; Controller & Algorithm: Shenzhen H&T Intelligent Control Co.Ltd(002402) , Keboda Technology Co.Ltd(603786) , Shenzhen Topband Co.Ltd(002139) , Arcsoft Corporation Limited(688088) , Foryou Corporation(002906) ; lidar: torch technology; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) ; vehicle model group / module: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) , Queclink Wireless Solutions Co.Ltd(300590) ; connector: Electric Connector Technology Co.Ltd(300679) Suzhou Recodeal Interconnect System Co.Ltd(688800) , Shenzhen Deren Electronic Co.Ltd(002055) , Shenglan Technology Co.Ltd(300843) , Wenzhou Yihua Connector Co.Ltd(002897) , Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Cwb Automotive Electronics Co.Ltd(605005) , Shanghai Laimu Electronics Co.Ltd(603633) etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); "New energy +" (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) ); Cloud computing (IDC: Shanghai Baosight Software Co.Ltd(600845) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Qinhuai data, Wanguo data, Kehua Data Co.Ltd(002335) , Shenzhen Envicool Technology Co.Ltd(002837) etc.; equipment manufacturers: Zte Corporation(000063) , Unisplendour Corporation Limited(000938) , Fujian Star-Net Communication Co.Ltd(002396) etc.; optical devices: Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; SaaS: Beijing Kingsoft Office Software Inc(688111) , BiliBili, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Yealink Network Technology Co.Ltd(300628) , sound network, Bizconf Telecom Co.Ltd(300578) , Montnets Cloud Technology Group Co.Ltd(002123) etc.); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) ); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) , etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction, covid-19 epidemic spread.
